Ministry of Human Resources: Saudi Labor Market Not Affected by Seasonal Visas

The third edition of the Digital Transformation Forum for the Ministry of Human Resources was held in Jeddah. (Asharq Al-Awsat)
The third edition of the Digital Transformation Forum for the Ministry of Human Resources was held in Jeddah. (Asharq Al-Awsat)
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Ministry of Human Resources: Saudi Labor Market Not Affected by Seasonal Visas

The third edition of the Digital Transformation Forum for the Ministry of Human Resources was held in Jeddah. (Asharq Al-Awsat)
The third edition of the Digital Transformation Forum for the Ministry of Human Resources was held in Jeddah. (Asharq Al-Awsat)

Assistant Undersecretary for Systems and Business Development at the Saudi Ministry of Human Resources Dr. Ahmed Al-Abdullah said that the local labor market has not been affected by seasonal visas. He emphasized that there are no challenges in this area, and efforts are currently underway to automate seasonal and temporary visas to serve all beneficiaries.

Al-Abdullah made these remarks during the launch of the third edition of the Digital Transformation Forum for the Ministry of Human Resources in Jeddah, under the patronage of Prince Saud bin Mishaal bin Abdulaziz, Deputy Governor of Makkah, and in the presence of Prince Saud bin Jalawi, Governor of Jeddah, along with several officials and tech and digital transformation enthusiasts.

Before the start of the sessions, the Ministry’s Undersecretary for Digital Transformation, Eng. Faisal Bakhashwain, highlighted that Saudi Arabia has made unprecedented achievements in digital transformation, which positioned the country high on global digital competitiveness indices.

He added: “We have exceeded our targets for 2030, aiming to place Saudi Arabia among the top 10 countries in the world in digital transformation, a goal made possible through the support of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and Prince Mohammed bin Salman, Crown Prince and Prime Minister, who have played a key role in advancing government transformation and the digital economy.”

Al-Abdullah, for his part, told Asharq Al-Awsat that specific criteria and regulations apply to establishments seeking seasonal visas, particularly those operating during the Hajj season. These visas are granted based on business requirements submitted through the “Qiwa” platform. He also noted that the Ministry successfully countered 1.2 million cyberattacks in September.

The Ministry collaborates with over 128 countries on professional verification and assessment to raise the competency of workers in the private sector, he said, adding that 400 offices have been set up for international domestic labor recruitment.

“When it comes to labor market violations, we intervene to prevent any irregularities by working with relevant authorities to correct and encourage compliance,” he stressed.

The Ministry has introduced 12 models using emerging technologies for Saudization decisions, which previously took up to six months but now can be completed in just two working days using artificial intelligence, Al-Abdullah remarked.

A new billing system is also set to launch in the coming days, along with robotic programs to boost support and transparency for families eligible for social security, with data being collected from over 19 sources.

Meanwhile, Assistant Minister for Shared Services Ismail Al-Ghamdi noted that the forum aligns with the Ministry’s ongoing efforts to keep pace with rapid technological advancements and achieve the objectives of Vision 2030 in digital transformation.

Over 1,000 services have been automated, leading to the launch of numerous digital platforms that have significantly improved the beneficiary experience and satisfaction, he revealed.



Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
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Egypt: Positive Results from Nargis-2 Natural Gas Well in Mediterranean

Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)
Egyptian Petroleum Minister inspects the start of drilling operations at the Nargis gas field in the Mediterranean Sea (Ministry of Petroleum)

Egypt's Ministry of Petroleum and Mineral Resources and US energy major Chevron announced Saturday positive results from drilling the Nargis-2 natural gas well in the Mediterranean Sea, which began in May in cooperation with Chevron, its partners and the Egyptian Natural Gas Holding Company (EGAS).

In a statement, the ministry said the results support ongoing efforts to appraise the Nargis discovery, made in 2022, and accelerate its commercial development as one of Egypt's undeveloped gas discoveries.

The Nargis-2 appraisal well confirmed the extension of gas-bearing reservoirs previously encountered at Nargis-1 and identified an additional gas-bearing reservoir with favorable characteristics, supporting efforts to assess the area's gas resources and potential development opportunities.

The ministry said drilling operations were designed to evaluate the extent of the Nargis discovery and test deeper geological formations as part of efforts to expand exploration activities and maximize the Mediterranean's promising potential, including high-pressure, high-temperature formations.

The well reached a total depth of more than 5,000 meters, with appraisal results indicating gas-bearing reservoirs containing up to 35 meters of net pay.

According to the statement, these findings provide a positive indication supporting further technical studies to determine the discovery's overall potential and assess development opportunities.

The results align with the ministry's strategy to accelerate the development of undeveloped discoveries, encourage investment partners to intensify exploration activities and convert discovered resources into reserves that can be developed and brought into production, helping increase domestic natural gas output.

Egyptian Minister of Petroleum and Mineral Resources Karim Badawi witnessed the start of drilling operations at Nargis-2 in May aboard the Stena Forth drillship.

At the time, he emphasized the importance of accelerating the appraisal and development of undeveloped gas discoveries and strengthening cooperation with international energy companies to capitalize on Egypt's promising oil and gas resources.

Chevron operates the Nargis Offshore Concession in partnership with Italy's Eni, the UAE's Mubadala and Egypt's Tharwa Petroleum Company.


Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
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Global Equity Funds Attract Inflows for 5th Consecutive Week

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP
NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

Global equity funds attracted inflows for a fifth consecutive week in the week through October 21, as easing Treasury yields and strong early corporate earnings lifted investor sentiment.

Global equity funds drew net inflows of $28.16 billion during the week, compared with $19.88 billion in the previous week, LSEG Lipper data showed.

The benchmark 10-year US Treasury yield fell about 15 basis points last week and dropped below the psychologically significant 5% level this week, Reuters reported.

Fund investors were encouraged by better-than-expected corporate earnings so far this reporting season.

Of the nearly 18% of MSCI All Country World Index constituents that have ⁠reported earnings to date, ⁠about 73% have exceeded the average analyst estimate, according to LSEG data.

The MSCI World Index, however, fell 1.31% on Thursday after Meta reported strong results on Wednesday but unveiled plans to issue non-voting stock, reviving concerns about its growing capital commitments.

NEW YORK, NEW YORK - OCTOBER 21: Traders work on the floor of the New York Stock Exchange during morning trading on October 21, 2026 in New York City. Michael M. Santiago/Getty Images/AFP

By region, Asian equity funds attracted $11.53 billion, their largest weekly ⁠inflow since at least December 2022. Investors also added $9.14 billion to European equity funds and $5.07 billion to US equity funds.

Among sectoral funds, technology attracted $5.05 billion, reversing net sales of $4.77 billion in the previous week. Investors also bought $1.83 billion in healthcare sector funds but sold a notable $1.29 billion in consumer discretionary sector funds.

Global bond funds remained popular for a fifth consecutive week, attracting net inflows of $9.44 billion.

Swiss franc-denominated bond funds drew $6.8 billion, their largest weekly inflow since at least November 2024. ⁠Investors also added ⁠a significant $2.78 billion to short-term bond funds, while pulling $1.68 billion from high-yield bond funds and $550 million from government bond funds.

Money market funds attracted weekly net inflows of $15.86 billion, following net outflows of $47.51 billion the previous week.

Among commodities, gold and other precious metals funds attracted net inflows of $1.29 billion, marking their fifth week of net purchases in the past six weeks. Investors also added $41.5 million to energy funds.

Data covering 29,174 emerging market funds showed that investors bought $6.28 billion worth of equity funds — the largest weekly net purchase since August 5. However, they withdrew a marginal $48.72 million from bond funds.


UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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UK Pledges More Funding to Guard Against AI Risks

FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: The words "AI Artificial Intelligence", a keyboard, and a robotics hand in this illustration taken October 19, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The UK government on Saturday outlined plans to expand funding for artificial intelligence safety amid growing concerns over the cyber risks posed by the increasingly advanced technology.

"The economic opportunities from AI will only be realized if our critical infrastructure, public services and businesses are resilient to cyber, biological and emerging AI-enabled threats," the government said in a statement ahead of its annual budget update on Wednesday.

Concerns about AI safety have escalated in recent months after models developed by OpenAI and Anthropic were involved in security incidents during testing, piling pressure on governments to regulate the technology and protect against threats.

As part of a package of AI-related measures in the budget, the government will invest an additional £120 million ($161 million) in Britain's AI Security Institute, which tests the most powerful AI models before they are released.

According to AFP, it will also invest £100 million to establish a national AI Biosecurity Lab, which will use AI to detect and track biological threats.

"As AI becomes more powerful, Britain must have the capabilities to protect its people and shape its own future," said AI minister Kanishka Narayan.

"That means staying ahead of emerging threats, from cyberattacks to biological risks, while building more of the critical technology our security depends on," he added.

The plans include investment in AI tools to identify cyber vulnerabilities across critical infrastructure.

Governments and companies around the world shut down websites Thursday as they raced to protect themselves from hacks after AI models uncovered critical flaws in a widely used programming language called PHP.

Cybersecurity experts fear state-of-the-art AI technology could be used to hack banks, hospitals and government systems.

Last month it emerged that a rogue OpenAI model bypassed safeguards during training and hacked an Australian government health statistics website.